The federal government has some soul-searching to do about its responsibilities.If you want to know your house price then you have to conduct Sydney Property Valuer process to get your house price.It’s on a campaign to distribute most government payments electronically, including Social Security and veterans benefits.You’re still allowed to get paper checks. But having the money wired to your bank account is more secure.
Direct deposit is easy for people with traditional bank accounts. But what about the 6 million federal beneficiaries without bank accounts, most of them poor?New kinds of accounts are being developed, to make direct deposit attractive to those who are currently unbanked. But some of these systems raise the price of cashing government checks.The Treasury could protect low-income consumers by putting some limits on how electronic payments are disbursed.But will that happen? Or will the government tell the poor that they’ll have to look after themselves?Here’s the story:
The Treasury has unveiled a special, low-cost bank account called an Electronic Transfer Account (ETA). It provides a simple way of receiving government benefits through an insured financial institution, at a price that might be as low as a month.Some unbanked consumers are currently paying less than to cash paper checks, at grocery stories or other neighborhood check-cashing outlets.But others may be paying or more. For them, the ETAs would be a better deal.Banks will be able to choose whether to offer the new ETAs.These accounts won’t be money losers but they won’t be highly profitable, either.There’s the rub.
The banks have found a more profitable way of providing direct-deposit accounts to the unbanked. They do it by teaming up with the free-standing check-cashing companies.Under this arrangement, the government wires a person’s money to a bank. But to get the cash, you have to go to a check casher or use the check casher’s debit card at an ATM.The check casher would advertise the accounts and sign people up.Several banks have taken this route already, including Citibank and Chase. Western Union also offers electronic accounts through ATMs or its own offices, at minimum.
These accounts are expensive. The account holder pays three layers of fees – to the ATM owner, the check casher and the bank.The total cost to collect a single Social Security check could range from or more, says the National Consumer Law Center (NCLC) in Boston, Mass., a lobbyist on behalf of low-income consumers.When the Treasury announced its push for direct deposit, one of its goals was to bring the poor into mainstream banking, where financial services generally cost less than they do on the street.If you want to increase your house price then you should do property valuation process on your property to know your houses price.